BUA approves dividend and sets 2023 deadline for current expansion projects

BUA approves dividend and sets 2023 deadline for current expansion projects
26 July 2022

BUA Cement Plc shareholders have approved dividends of NGN88.047bn (US$96.3m) for the financial year ended 31 December 2021 at NGN2.60k per ordinary share of 50k each. This approval was given during the company’s 6th Annual General Meeting held in Abuja and comes on the back of a strong financial performance in the year under review, which recorded revenue growth of 22.9 per cent from NGN209.4bn in 2020 to NGN257.3bn in 2021. Profits after tax also rose by 24.5 per cent YoY to NGN90.1bn in 2021.

Speaking at the Annual General Meeting, Abdul Samad Rabiu, chairman of the Board of Directors of BUA Cement Plc, commented: “Our performance in 2021 gives credence to our sound business model, value proposition, and the excellent team who responded to the challenges and opportunities that were confronted in the year under review. In the meantime, the BUA Cement brand continues to grow stronger in the marketplace. Our aim is to invest more in the cement industry until Nigeria is self-sufficient, and cement is readily available, accessible, and affordable for all Nigerians. We expect to continue this excellent performance for the foreseeable future.”

Furthermore, Mr Rabiu disclosed that the company’s ongoing projects will be completed in 2023. They will increase the cement company’s installed capacity to 17Mta, which will solidify BUA’s position in the Nigerian cement industry as well as position the company to take advantage of export opportunities.

Engr Yusuf Binji, the company's MD, added that when the installed capacity of the company increases by 2023, BUA Cement “will be better positioned to increase existing export volumes and, in the process, take advantage of some of the benefits of the African Continental Free trade Area.”

During the year under review, BUA Cement made significant progress on cleaner energy mix through its transition from heavy fuel oils to liquefied natural gas in its Sokoto plants. The company completed the installation of a 50MW gas power plant together with the modification of its kilns to enable the full substitution of imported coal with LNG, resulting in the reduction of the company's carbon footprint.

Published under Cement News